House Republican leadership has begun circulating seven new crypto tax bills that will take center stage at a key hearing next week.
The new crypto tax bills, circulated by the Republican leadership of the House Ways and Means Committee, are likely to be discussed at a committee hearing on digital asset taxation set for Tuesday, sources familiar with the matter told Decrypt.
The seven bills, seen by Decrypt, deliver on longstanding promises to the crypto industry. One bill, the Tax Clarity for Mining and Staking Act, would exempt crypto generated through staking and mining from a holder’s taxable income. In recent years, legal disputes have arisen over whether staking and mining rewards should be considered taxable income at the moment of their generation. Currently, crypto users who stake their coins—that is, pledge a certain amount to a network, such as Ethereum or Solana—must report the rewards they receive as income, even if those rewards are never sold or exchanged for dollars.
Another bill poised to be debated Tuesday would exempt U.S. citizens from being treated as U.S. residents on certain digital asset sales if at least 10% of income derived from the sale is paid to a foreign country as income tax. And the Digital Assets Voluntary Disclosure Program Act would give U.S. crypto holders a two year amnesty period in which they could self-report past failures to pay taxes on crypto holdings. Those who pay the taxes, or set up a payment plan to do so, would be exempt from future criminal liability.
The Digital Chamber, a D.C. crypto trade group, said the tax bills were crafted through “months of industry engagement.”
“We're encouraged to see the suite of discussion drafts,” Cody Carbone, the group’s CEO, said in a statement. “Next Tuesday's legislative hearing is a welcome opportunity to refine these proposals and keep the bipartisan tax effort moving forward.”
